Austerity Is Killing Europeans — Literally. Why Are We So Determined to Follow In Their Footsteps?
What can we learn from Europe’s misery? For our political leaders the answer seems to be: Nothing.
By Richard Eskow
How much sicker does the patient have to get before the doctors stop prescribing poison?
Here are some selected news stories out of Europe:
New York Times: ”Unemployment in Euro Zone Reaches a Record High”
WSJ: “Sixth Quarter of Contraction Looms for Euro Zone”
Der Spiegel: “Shredded Social Safety Net: European Austerity Costing Lives”
WSJ: “Spain Says Budget Gap Is Wider Than Reported”
New York Times: “European Car Sales Point to Continuing Slump”
WSJ: “Italy Unable to Form Government”
New York Times: “Debt Rising in Europe”
Paul Krugman’s right: This isn’t a recession. It’s Europe’s Second Depression, and it’s on track to last even longer than the first one. Austerity economics has been imposed across most of the Eurozone, to a greater or lesser degree, with devastating economic results: This is Europe’s sixth consecutive quarter of economic contraction.
Europe’s Austerity Recession (or Depression) has now lasted longer than the one brought on by the financial crisis of 2008.
The first downturn was brought on by private greed and public negligence. This one’s been brought on by public insanity fueled by private interests.
And the austerity poison is literally deadly: The Lancet, a respected medical journal, reports a sharp increase in suicides and epidemics as the rest of European austerity measures.
There’s at least one heartwarming story to come out of all this misery. Greek and Cypriot entertainers held a concert on Cyprus– a “mini-Live Aid,” if you will – and instead of charging admission, organizers asked people to bring food for Cypriot families who can’t afford food.